Bernstein Sees Bright Future for Public Bitcoin Miners

Analysts at Bernstein have rated the shares of mining companies Riot Platforms, CleanSpark, IREN, and Core Scientific as outperforming the market. This was reported by The Block.

This rating suggests a forecast of above-average growth for these firms, with an investment recommendation to buy.

The prospects for the securities of MARA were deemed by experts to be in line with market expectations.

Specialists considered a range of key industry metrics, as well as the firms’ strategies in the field of AI.

According to Bernstein, MARA, Core Scientific, and CleanSpark lead in cryptocurrency generation volumes. The latter two stand out in terms of realized hashrate (equipment uptime).

Riot lags behind this trio in production and efficiency but compensates with energy credits.

“CleanSpark and IREN are in the best position in terms of energy efficiency and uptime,” the analysts noted.

In terms of available capacity, they highlighted Core and Riot. The latter owns a flagship mining facility in Corsicana, Texas, with 1 GW. In July, the company acquired Block Mining, gaining access to 60 MW with the potential to expand to 300 MW.

IREN has every chance to catch up with the leaders soon, as it is building “two mega-facilities” in Texas.

Core provides the highest hashprice in the sector, surpassing Riot and CleanSpark. MARA is gradually improving this metric as it transitions from a hosting model to self-mining, experts noted.

Core is also a clear leader in AI strategy implementation, thanks to a 12-year, $3.5 billion contract with CoreWeave.

In this regard, analysts also highlighted IREN as a “promising story.” In July, the company launched a pilot project for high-performance computing and hired Morgan Stanley as a financial advisor to monetize services in this area.

Earlier, Bernstein suggested that U.S. miners could experience a Goldilocks scenario amid the potential return of Donald Trump to the presidency.

In early August, analysts at BlocksBridge Consulting noted critically low profitability in bitcoin mining as prices fell below $50,000.